Chapter 1 key terms

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Across
  1. 8. Any location where producers and consumers come together to engage in the buying or selling of goods and services
  2. 9. A person who buys goods and services. Also referred to as a customer
  3. 11. An organization, often a charitable organization, that does not seek to make a profit from the operations of the business
  4. 12. Having the ability to pay all debts and meet financial obligations
  5. 13. The economic principle that supply goes up when prices go up, and comes down when prices come down
  6. 16. People who work to produce goods and services in a business; also known as workforce or labour
  7. 17. Expenditures that help a business generate revenue; assets that are consumed in the process of generating revenue
  8. 19. When businesses are in control and can charge high prices and raise prices when costs go up
  9. 20. Patrons of a particular store or business
  10. 21. An individual or business that makes a product or provides services
  11. 22. he quantity of a good or service that consumers are willing and able to buy
  12. 25. he quantity of a good or service that producers can provide, determined by the costs of producing it and by the price people are willing to pay for it
  13. 26. The income that is left from sales after all costs and expenses are paid
  14. 27. Items that can be seen and touched
  15. 28. The raw materials that come from the earth, the water, and the air
  16. 29. Quantity of goods and materials kept on hand
  17. 30. A product or service that consumers no longer want because it has become outdated or outmoded or has been replayed by a new or improved product
  18. 32. An independent association of persons who utilize the goods and services offered and come together to meet their economic, social, and cultural needs and goals
  19. 33. A charitable organization or charity that does not seek profit from the operations of the business and raises funds for a specific goal
  20. 35. Resources such as equipment, a building, or money, that are used to produce goods and services
Down
  1. 1. The means through which goods and services are made available to consumers
  2. 2. A five-step procedure that assists in making the most appropriate choice among competing alternatives
  3. 3. A situation in which two or more businesses try to sell the same type of product or service to the same customer
  4. 4. Assistance provided, usually in return for payment, that satisfies needs or wants of consumers
  5. 5. When consumers have the power to choose where they will buy goods and services, and how much they will pay for them
  6. 6. The economic principle that demand goes up when prices come down, and comes down when prices go up
  7. 7. Any business that employs fewer than 500 people
  8. 10. A person who takes risks and starts a venture to solve a problem or to take advantage of an opportunity; a person who provides an innovative product or service to meet a consumer want or need
  9. 14. tems not necessary for survival but that adds pleasure and comfort to life
  10. 15. The way business and government work together to provide goods and services to consumers, and ensures that a country’s resources will not be overstretched
  11. 18. Another name for economic resource
  12. 23. Mutually dependent; relying on others who also rely on you
  13. 24. The amount of money that is required for each stage of production
  14. 31. The value of a product or service expressed in dollars and cents and is determined by many factors, including supply and demand
  15. 34. items necessary for survival such as food, clothing, or shelter